Baku, Azerbaijan, Sept. 11
By Aygun Badalova - Trend:
Petroleum and other liquids production in the Caspian region will rise in a long term perspective reaching 3.2 million barrels per day in 2020, 4.3 million barrels per day in 2030 and 4.9 million barrels per day in 2040, according to the International Energy Outlook, published by the U.S. Energy Information Administration (EIA).
EIA projects petroleum and other liquids production of non-OECD Europe and Eurasia to increase to 14.1 million barrels per day in 2020, to 15.6 million barrels per day in 2030 and to 17.3 million barrels per day in 2040.
"Kazakhstan and Russia account for virtually all crude and lease condensate production growth in non-OECD Europe and Eurasia", EIA's report said. Crude and lease condensate production in Kazakhstan is expected to grow from 1.6 million barrels per day in 2010 to 3.1 million barrels per day in 2040.
The EIA's report said that Russia will be able to increase crude and lease condensate production from 9.7 million barrels per day in 2010 to 11.1 million barrels per day 2040.
According to the EIA's estimations, proved and probable reserves within the basins that make up the Caspian Sea and surrounding area amounted to 48 billion barrels of oil in 2012.
EIA estimates that the Caspian Sea region produced an average of 2.6 million barrels per day of oil and lease condensate in 2012, around 3.4 percent of the total world supply.